Kelsey profits up

Kelsey Developments Ltd, the housing developer now part of the Janashakthi Group, has seen revenues up by 49 % at Rs 494 million in 2005/2006 from Rs. 331 million in 2004/2005, the company said.

According to company CEO Harsha De Silva, operating profits was over Rs. 40 million, sharply up by 212 % from the previous year. Net Profit after tax increased to Rs. 28 million and as a result the Earnings per Share also increased by 153% to Rs. 4.7.

“The improved performance for the year was mainly due to the proactive practises undertaken by the management to strategically position “Kelsey” as a premier (up market) brand in providing complete housing solutions and meeting the expectations of its clients. With over 20 years of experience, the company has been able to attract a significant group of satisfied customers endorsing the quality and service, thus propagating Kelsey to be second to none. The management also undertook stringent policies to improve the efficiency of the operations of the company,” the company statement said.

Kelsey has been able to move towards its full potential by combining the synergies of the group as witnessed by the year on year results. “With the recent launch of “Ayu” Apartments the company currently offers a diverse range of services in housing constructions from the selection and development of land to architectural services to the final construction and handing over of the finished house or apartment,” it said.